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The Russian oil industry could unintentionally benefit from Donald Trump’s recent decision to impose a 25% tariff on buyers of Venezuelan oil.
The move appears to be aimed at undermining China, Venezuela’s main oil customer, amid the ongoing U.S.-China trade war.
According to David Goldwyn, president of the energy advisory consultancy Goldwyn Global Strategies, these tariffs could increase global demand for Russian oil, despite the Western sanctions that have significantly cut Russia’s oil revenue.
To bypass these sanctions, Moscow has been relying on its so-called "shadow fleet" of tankers that operate globally to deliver oil to potential buyers.
"If Venezuelan crude is essentially off-limits to everyone except for the United States, Russia is probably the next largest source of heavy crude supply," Goldwyn said.
The 25% tariffs are set to take effect on April 2.
(QG - Source: Newsweek - Picture : © Unsplash)
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